证券研究报告 | 2025年08月26日 硅宝科技（300019.SZ） 优于大市 公司营收及归母利润同比高增，龙头地位稳固 2025 年上半年公司营收及归母利润同比高增。2025 年上半年公司营业收入为 17.07 亿元，同比增长 47.36%，归母净利润 1.54 亿元，同比增长 51.56%。其中 第二季度，公司营收为 9.29 亿元，同比增长 35.78%，归母净利润为 0.83 亿元， 同比增长 35.17%。公司建筑胶稳居龙头、工业胶高速增长、热熔胶稳步提升， 整体经营业绩再创历史新高。 建筑类用胶市场份额持续提升，稳居行业龙头地位。2025 年上半年，公司建筑 业用胶营业收入为 6.51 亿元，毛利率为 22.34%，较去年同期上升 0.32 个百分 点。建筑业整体在政策的持续调控下，房屋新开工和竣工面积同比下降幅度收窄， 并且"好房子"的建设理念持续推进，为高端建筑胶扩展了市场空间。公司在建 筑胶行业拥有良好的知名度和覆盖全国的销售网络，市场竞争力极强。 公司工业类用胶在汽车、电子电器及动力电池等领域保持高速增长。2025 年上 半年，工业用胶营业收入为 44.17 亿元，毛利率 32.20% ...

Group 1 - The total import and export value of Qinghai Province reached 4.18 billion yuan in the first seven months of 2025, representing a year-on-year increase of 49.3% [1] - Exports amounted to 3.69 billion yuan, showing a significant year-on-year growth of 90.3%, while imports were 490 million yuan, down 43.2% [1] - Qinghai Province has maintained the highest growth rate in imports and exports for seven consecutive months nationwide [1] Group 2 - The number of foreign trade entities in Qinghai Province has steadily increased, with private enterprises being the main driving force behind foreign trade growth [1] - Key export products include solar cells, lithium-ion batteries, and electric passenger vehicles, contributing significantly to export growth [1] - Exports of salt lake chemical products surged, reaching 1.79 billion yuan, a year-on-year increase of 11.8 times, accounting for 48.4% of the province's total exports and contributing 94.2% to export growth [1] Group 3 - Qinghai Province's "Qing" branded specialty agricultural products have shown strong export momentum, totaling 450 million yuan to 46 countries and regions, a year-on-year increase of 47.6% [1] - The variety of exported agricultural products reached 95, with 56 new types added compared to the same period last year, maintaining the highest growth rate in exports for six consecutive quarters [1] - Notable agricultural exports include goji berries at 14.79 million yuan (up 34.8%), frozen trout at 3,875.7 tons (up 120%), and vegetables at 2,119.6 tons (up 170%) [1] Group 4 - Qinghai Province's market diversification continues to advance, with steady growth in trade with countries involved in the Belt and Road Initiative [2] - In the first seven months, trade with 100 countries and regions was conducted, with 75 being Belt and Road countries, resulting in a total import and export value of 3.45 billion yuan, a year-on-year increase of 66% [2] - Among the Belt and Road countries, trade with 17 countries doubled, with Hungary, Russia, and Vietnam being the top three trading partners, achieving import and export values of 1.68 billion, 330 million, and 270 million yuan, respectively, with year-on-year growth rates of 1,390%, 150%, and 460% [2]

Core Insights - Chinese ports continue to dominate the global cargo throughput rankings, showcasing their critical role in international trade [1][3] - In the first half of 2025, major Chinese ports achieved a cargo throughput of 8.9 billion tons, marking a 4.0% year-on-year increase, despite global trade challenges [3][4] - The "new three items" (electric vehicles, lithium batteries, and solar cells) have emerged as key drivers for the optimization and upgrading of China's foreign trade, with exports growing by 12.7% [4][5] Port Performance - Ningbo-Zhoushan Port led the nation with a cargo throughput of 71.375 million tons, followed by Tangshan Port and Shanghai Port with 43.357 million tons and 42.559 million tons, respectively [3] - The top ten ports by container throughput include Shanghai, Ningbo-Zhoushan, Shenzhen, Qingdao, Guangzhou, Tianjin, Xiamen, Suzhou, Beibu Gulf, and Rizhao [3] Infrastructure Development - During the 14th Five-Year Plan period, China added 379 berths of over 10,000 tons, bringing the total to 2,971 [6] - Major ports are enhancing their infrastructure, with Tianjin Port Group investing approximately 19.5 billion yuan in 21 key construction projects [6] Technological Advancements - The application of technologies such as 5G, artificial intelligence, and big data in Chinese ports has significantly improved the efficiency of handling complex cargo [8] - The integration of coastal ports with the China-Europe Railway Express and the Western Land-Sea New Corridor is creating a multi-dimensional logistics system [8] Trade Dynamics - The robust port network and improved efficiency are facilitating the export of "new three items," contributing to a trillion-yuan level foreign trade ecosystem [8]

Group 1 - The National Taxation Administration has exposed two tax evasion cases in the "new three samples" sector, marking the first disclosure of illegal activities in this area [1][2] - The first case involves Jiangxi Nanshi Lithium Battery New Material Co., Ltd., which fraudulently claimed tax benefits by misclassifying non-research personnel's salaries as research expenses, resulting in a tax penalty of 5.719 million yuan [1] - The second case involves a tax fraud gang led by Lin Jiayang, which falsely exported non-refundable "lead-acid batteries" as refundable "lithium batteries," leading to a recovery of 149 million yuan in export tax refunds and a prison sentence for the main perpetrator [2] Group 2 - Recent years have seen the implementation of various tax incentives to support the rapid development of the "new three samples" sector, but some entities have abused these policies to evade taxes [3] - These entities not only exploit tax benefits but also engage in practices like issuing false invoices and overstating expenses, which distorts market competition and harms compliant businesses [3] - Experts emphasize the importance of adhering to legal boundaries in the rapidly growing "new three samples" industry, advocating for a focus on innovation and market expansion rather than tax evasion [3]

Core Viewpoint - The National Taxation Administration has exposed two tax evasion cases in the "new three samples" sector, emphasizing that any attempts to undermine tax fairness and disrupt market order through tax fraud will be severely punished [1][2][3] Group 1: Case Summaries - The first case involves Jiangxi Nanshi Lithium Battery Materials Co., Ltd., which fraudulently claimed tax benefits by improperly including non-research personnel's salaries as R&D expenses, resulting in a tax penalty of 5.719 million yuan [1] - The second case involves a tax fraud gang led by Lin Jiayang, which manipulated invoices to falsely claim export tax refunds for 1.49 billion yuan by misrepresenting non-refundable "lead-acid batteries" as refundable "lithium batteries" [2] Group 2: Industry Context - Despite the implementation of tax incentives to support the rapid development of the "new three samples" sector, some entities have engaged in tax fraud, undermining the intended benefits of these policies [3] - The actions of these entities not only harm compliant businesses but also distort market mechanisms and disrupt fair competition, leading to overcapacity in the industry [3] - Experts emphasize the importance of adhering to legal boundaries and focusing on innovation and market expansion rather than exploiting tax compliance loopholes [3]

Core Viewpoint - The National Taxation Administration has exposed two tax evasion cases in the "New Three Samples" sector, marking the first disclosure of illegal activities in this area, emphasizing that any attempts to undermine tax fairness and market order through tax fraud will face severe penalties [1][2]. Group 1: Tax Evasion Cases - The first case involves Jiangxi Nanshi Lithium Battery New Materials Co., Ltd., which fraudulently claimed tax benefits by improperly including non-research personnel's salaries as research expenses, resulting in a tax penalty of 5.719 million yuan [1]. - The second case involves a tax fraud gang led by Lin Jiayang, which manipulated invoices to falsely claim export tax refunds for non-refundable products, resulting in a recovery of 149 million yuan in fraudulent export tax refunds and a penalty of 700 million yuan [2]. Group 2: Tax Policy and Compliance - The tax authorities emphasize that lawful tax payment is a legal obligation for businesses, and tax benefits must be enjoyed in compliance with the law [3]. - The tax department is committed to supporting compliant business operations and ensuring that tax policy benefits reach companies focused on technological innovation and quality improvement, while also preventing low-price and disorderly competition [3].

Core Viewpoint - The article highlights the illegal tax evasion activities in the "New Three Samples" sector (new energy vehicles, lithium batteries, and photovoltaic products), emphasizing the need for strict enforcement of tax regulations to ensure fair competition and promote innovation in the industry [1][2][3] Group 1: Tax Evasion Cases - Case 1 involved a tax fraud scheme led by Lin Jiayang, where a group manipulated 11 companies to export non-refundable "lead-acid batteries" as refundable "lithium batteries," resulting in a fraudulent claim of 149 million yuan in export tax refunds [1] - Case 2 involved Jiangxi Nanshi Lithium Battery New Materials Co., which improperly included 6.6822 million yuan of non-research personnel salaries in R&D expenses to claim tax deductions, leading to a total penalty of 5.719 million yuan [2] Group 2: Impact on Industry - The illegal tax activities undermine the original intent of tax incentives aimed at fostering innovation and disrupt the fair tax environment, contributing to chaotic competition and harming the unified national market [2] - Some companies are misusing tax benefits to engage in price-cutting competition, distorting market mechanisms and disrupting fair competition [2] Group 3: Expert Opinions - Experts emphasize that tax incentives should be used to enhance R&D and product quality, and companies should focus on legal compliance rather than exploiting loopholes [3] - The enforcement of tax laws in the "New Three Samples" sector is crucial for creating a fair tax environment, enhancing industry competitiveness, and curbing chaotic competition [3]

Core Insights - China's total goods trade value reached 25.7 trillion yuan in the first seven months of the year, marking a year-on-year growth of 3.5%, with an acceleration of 0.6 percentage points compared to the first half of the year [1] - In July alone, the total trade value was 3.91 trillion yuan, reflecting a year-on-year increase of 6.7%, the highest growth rate recorded this year [1] - Exports of mechanical and electrical products showed resilience, with a year-on-year growth of 9.3% in the first seven months, accounting for 60% of total exports [2] Trade Performance - In the first seven months, exports of mechanical and electrical products amounted to 9.18 trillion yuan, with significant growth in integrated circuits (21.8%), automobiles (10.9%), and automatic data processing equipment and parts (1.1%) [2] - General trade accounted for 64% of total foreign trade, with a year-on-year growth of 2.1%, while processing trade and bonded logistics trade grew by 6.3% and 6%, respectively [2] - Trade with ASEAN, EU, Africa, and Central Asia saw year-on-year increases of 9.4%, 3.9%, 17.2%, and 16.3%, respectively [2] Role of Private Enterprises - Private enterprises played a crucial role in stabilizing foreign trade, with their total import and export value reaching 14.68 trillion yuan, a year-on-year increase of 7.4%, representing 57.1% of the total [2] - Exports from private enterprises reached 10.04 trillion yuan, growing by 8.7% and accounting for 65.6% of total exports [2] - The flexibility and stronger risk resistance of private enterprises have enhanced the resilience and competitiveness of China's foreign trade [3]

Export Performance - In July 2025, China's exports reached $321.78 billion, a year-on-year increase of 7.2%, surpassing the expected growth of 5.8%[1] - Exports to ASEAN, Africa, and Latin America grew by 16.6%, 42.4%, and 7.7% respectively, while the share of exports to the US fell to 11.1%[3] - The "export grabbing" and "transshipment grabbing" effects continue to support exports, particularly to non-US economies[2] Import Trends - Imports in July 2025 totaled $223.54 billion, with a year-on-year growth of 4.1%, exceeding the expected 0.3%[1] - The increase in imports is driven by domestic demand and policies related to "two heavies" and "two news" initiatives[20] - Key imports such as copper ore and crude oil saw significant increases, with copper imports rising by 26.4% year-on-year[20] Trade Balance - The trade surplus for July 2025 was $98.24 billion, down from $114.77 billion in the previous month[1] - The decline in trade surplus reflects the combined effects of rising imports and fluctuating export growth rates[1] Future Outlook - Short-term export growth may face downward pressure as the "export grabbing" effects diminish, particularly following the implementation of new tariffs by the US[22] - Long-term, global trade growth is expected to slow, which may put additional pressure on China's exports, emphasizing the need to strengthen trade with non-US regions, especially emerging markets[23]

Core Viewpoint - The foreign trade sector in Changsha is a significant driver of economic growth, showing resilience and upward momentum despite external pressures, with notable increases in both volume and quality of trade activities in the first half of the year [1][9]. Group 1: Trade Performance - In the first half of the year, Changsha's total import and export volume reached 1367.6 billion yuan, marking a 1.2% year-on-year increase and accounting for 52.1% of the province's total trade [1]. - In June alone, the import and export volume was 276.6 billion yuan, reflecting a 13.5% growth and reaching a two-year high [1]. - Changsha engaged in trade with 221 countries and regions, with nearly 60% of these partnerships showing growth, an increase of over 40 compared to the previous year [2]. Group 2: Sector-Specific Growth - The health industry, represented by Hunan Aichen Technology Group, reported a 30% annual sales increase, exporting to over 100 countries [2]. - The export of "new three samples" products, including electric vehicles, lithium batteries, and photovoltaic products, reached 77.4 billion yuan, a 77.5% increase, with electric vehicle exports alone totaling 51.6 billion yuan, up 68.3% [5]. - Traditional export products like engineering machinery and fireworks also saw stable growth, with increases of 0.9% and 25.1% respectively [6]. Group 3: Trade with Africa - Changsha's trade with Africa reached a historical high in the first half of the year, with a total of 151.9 billion yuan, a 59.5% increase [8]. - Exports to Africa amounted to 99.5 billion yuan, growing by 38.6%, while imports surged by 123.9% to 52.4 billion yuan [8]. - Notable increases in imports from Africa included sesame (7227.1 million yuan, up 79.2%), fish products (3119.8 million yuan, up 142.6%), and coffee (669.2 million yuan, up 199.9%) [8]. Group 4: Policy Support and Initiatives - Changsha has implemented a series of measures to stabilize foreign trade, including the "2025 Stabilizing Foreign Trade Ten Measures" policy framework, which encompasses market expansion and trade promotion [9]. - The city has organized activities to assist 40 enterprises with financing and other operational challenges, facilitating a credit provision of 2.075 billion yuan for foreign trade companies [9].